全球股票市场交易费用变动趋势研究

发布时间：2018-01-28 19:14

本文关键词： 交易成本证券交易所费率证券交易费用　出处：《证券市场导报》2012年08期 　论文类型：期刊论文

【摘要】：各国证券交易所为提高市场质量和增强国际竞争力,进行了股票市场交易费用结构与费率的频繁调整。本文首先总结了美国、英国、日本、香港等国家和地区交易所现行交易费用的结构特征,并以纽约证券交易所和伦敦证券交易所为案例估算了交易费率的调整比率。其次,本文运用2002年至2010年期间主要海外证券交易所的财务数据和市场数据,分析交易费用变动与交易所经营业绩的互动关系。最后,我们对欧美市场交易费用的大幅下调进行了成因分析,并探讨我国证券交易所内外部环境及经营特点与海外市场存在的差异,提出相关启示和思考。
[Abstract]:In order to improve the market quality and enhance the international competitiveness, the stock exchanges of various countries have made frequent adjustments in the structure and rate of transaction fees in the stock market. Firstly, this paper summarizes the United States, the United Kingdom and Japan. The structural characteristics of the current transaction costs of the exchanges in Hong Kong and other countries and regions, and taking the New York Stock Exchange and the London Stock Exchange as examples, the adjustment ratio of the transaction rate is estimated. This paper uses the financial data and market data of the major overseas stock exchanges from 2002 to 2010 to analyze the interactive relationship between the changes in transaction costs and the operating performance of the exchanges. This paper analyzes the causes of the sharp reduction of transaction costs in European and American markets, probes into the differences between the internal and external environment and operating characteristics of Chinese stock exchanges and the overseas markets, and puts forward some relevant enlightenment and considerations.
【作者单位】：深圳证券交易所综合研究所;
【基金】：广东省自然科学基金(项目编号:9451806001003584)
【分类号】：F831.51
【正文快照】： 证券市场交易成本下降能提高市场质量与流动性。近年来海外各主要证券交易所频繁调整证券交易的收费结构及比例,而我国证券交易所随着资本市场规模的扩大已进入全球前五大交易所(2010年度按照交易规模排名),因此,详细了解海外证券交易所交易费用的调整比例和趋势,以及现行收

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